Toronto shipped out Spanish guard Jose Calderon, forward Ed Davis and a second-round draft choice. Davis went to the Grizzlies, while Calderon went to the Detroit Pistons -- who sent forwards Austin Daye and Tayshaun Prince to Memphis.

"This is the type of deal we have been looking for to take our team another step forward," Raptors president and general manager Bryan Colangelo said in a statement. "Rudy Gay is a dynamic wing that elevates our talent level significantly.

The 26-year-old has played all seven of his NBA seasons in Memphis, but in unloading him and the remainder of the five-year, $82 million contract he signed in July 2010, the Grizzlies can ease a luxury tax bite due next season.

Haddadi is the first Iranian-born player in the NBA. He has averaged 2.0 points, 2.1 rebounds and 6.1 minutes in 134 career outings, all with the Grizzlies.